Competitor Marketing Strategy | Liveblack

 

Staying ahead of the competition is highly demanding in this fast-moving age. Because everyone wants to be on top and to be on top, you have to have some knowledge about who your true competitors are. You need to identify ways to outperform competitors with the help of competitive analysis. Explore how competitor analysis can be done and focus on optimizing your business to the next level.

What is competitive analysis?

Competitive analysis in marketing is gathering information about competitor’s services, sales, and strategies, identifying their strengths and weaknesses to gain insights and discover opportunities to do better than competitors.

It will help you keep track of market trends to drive brand awareness, customer engagement, and opportunities to grow your business.

What is the purpose of competitive analysis? Well, the purpose varies depending on what you want to research. It will also help you see through your advantages, unique points, and barriers to growth to strengthen your business strategies. We can also conclude some of the key points such as,

• Identify opportunities in the market
• Highlight your competitor’s weaknesses
• Discover new market trends
• Detect flaws in your strategy
• Compare your performance with other competitors
• Promote your unique value proposition

Discussing the purposes and key points to stand apart in the market through competitive analysis, let us now move to — how to research a market. Is there a specific way to research the market? What are the tools that work for you to better understand the market?

As we all know, market research is crucial to achieve success. Gather data and shape your business plan accordingly to meet your goals and achieve success. The Internet is a handy and easily accessible option to do market research. However, it has its flaws. The information published on the Internet may be incomplete or not updated with the time or not relevant to this date.

Another option you can think of is surveying. Surveying can help you get meaningful insights. Get connected with customers, suppliers, and stakeholders, and you’ll get a better idea about how your product or service is helpful to them or what the pain points it has.

Feedback can provide real help to businesses. Genuine feedback from customers and other stakeholders gives you some straightforward views to look into your business strategies and change according to the time being.

To gain more into the competitor analysis let’s dive into the types of competitor analysis. There are mainly 3 types of analysis that can help your business improve leads, revenue, and brand awareness.

Social media competitor analysis -

Social media has the power to drive customers to businesses. It leads to customer engagement and brings sales. However, it’s important to know where your audience is and how to get their attention.

A well-planned digital marketing strategy will pave the way for your business. Conducting social media competitor analysis will give you a chance to look at what social networking sites your competitors are using, what type of content they use to interact or engage with their audience etc. what strategies they have that effectively work in their favor.

Also, look into how frequently your competitors post on their social media platforms with what kind of posts or topics they choose to share. Videos, images, humor, captions, etc. can be the true examples to delve into. How they interact with their followers is also an essential part of your competitor analysis to check.

PPC competitor analysis -

This analysis involves keywords and phrases your competitors are bidding on. Here, the main goal is to get better results and drive leads than your competitors. You have to study the types of ads they are paying for. Are they paying for expensive keywords or have they mainly focused on improving brand awareness?

Do they create landing pages for every campaign? Are you reviewing their CTAs? All these features provide you with an insight into a competitor’s budget and goals.

SEO competitor analysis -

Have you checked for what type of SEO keywords your competitors are ranked for? Figure out the real deal with SEO competitor analysis. Also, you can check these techniques such as,

• Compare backlinks
• How to rank for more keywords
• Compare your website performance with competitors

Keeping track of your competitors has many benefits. Competitive analysis is a continual process to update your business strategies now and then. The Benefits of a Competitive Analysis includes,

• Understanding the market
• Develop USP (Unique Selling Point)
• Discovering competitor’s weaknesses
• Improving your business & marketing strategies
• Understanding economic climate
• Minimizing repetitive mistakes
• Explore new trends
• Discover target audience
• Stand out from competitors

We have all these benefits and types of different competitor analyses. However, many competitor analysis tools help you effortlessly collect data. Here are the few examples we’ve mentioned.

• Sprout Social — understand competitor’s performance on social media through various points.
• SEMRush — Widely used SEO tool. Explore keywords, monitor rankings, site audit, etc.
• MozBar — Check how authoritative a website is
• Buzzsumo — Check on better-performing content
• Similarweb — A tool for content & SEO
• Facebook Ad Library — Search for ads in a better way

These are some of the finest competitive analysis tools free not fully but have some features you can use for free to stay ahead in the competition.

Competitor marketing strategy is made up of well-done research, planning, and tactics to stay ahead of the competition in the market. This strategy covers activities such as advertising, customer support, exploring trends, content marketing, etc. to analyze how your business sets a benchmark.

Do you know about 4ps of the marketing? If you want to know more about how your competitors are ahead of you, you must know these 4ps to take the lead.

First is Product — What products they are selling? How are their products different from yours? What is a special feature of your competitor’s product or service? What are the better features they have in their product that your product lacks?

Second is Price — What price model their product is? What pricing structure do they follow? Do they have low or high pricing? What’s that point that attracts customers for the pricing structure they’ve set?

Third is Promotion — How do they promote their product? What offerings are they offering? What digital marketing strategies are they using? What social networking channels are they on to promote their product or service? What are their promotion strategies?

Fourth is Place — Which place do your competitors have their stores? Are they fully selling online or have local retail?

Working on these 4ps can help you gain information about your competitors and allow you to focus on strengthening your business.

Competitive advertising research used by businesses is a way to make the consumer realize how you are different and better from your competitor.

A competitive analysis template can provide you with sufficient space where you can compare the different fields with a detailed analysis of your competitors. This way you’ll get a clear idea of how you can stand apart and excel beyond the rest.

How does SWOT analysis help you in competitive analysis? Well, to stay ahead in the market, you should know about your strengths, weaknesses, and opportunities, and that’s where you need SWOT analysis. It is used for strategic planning and helps you explore the mentioned points to develop a good business strategy.

We at Liveblack, a full-stack digital marketing agency work on every aspect of marketing to help you evolve your business. By reading how this competitive analysis works, we can provide you with practical solutions and advice to manage every one of your needs.